Operational, or Analytical? The right CRM is Both

November 5, 2018

Many organizations think of CRM solutions as just an analytical tool for marketers or an account management tool for service departments… But, in fact, the right CRM can help you achieve organization-wide operations and compliance goals as well. In fact, operational CRM has a pivotal role to play in streamlining all sorts of business processes related to front-end customer touchpoints.

Operations, compliance, and security leaders take note! Here are some of the many ways CRM can enhance operational efficiency through process management, reporting, and activity tracking:

Streamline Cross-Company Processes

  • One CRM platform supports all users across the company (Branch front desk, Sales/Lending, Marketing) From a systems maintenance standpoint, having a single CRM is the best way to cut costs and reduce unproductive staff time spend navigating across multiple systems or re-keying data.
  • Analytics on the communication channel (i.e. tracking usage) Which channels are preferred by which demographics? When do you need to increase branch staffing? Communication channel analytics can remove the guesswork from channel capacity planning.
  • Define and apply workflows for cross-functional collaboration on complex sales/service contacts. Never lose track of a customer’s inquiry or a hot lead even if they cross channels during interactions. The right CRM will provide a comprehensive way to manage all interactions across all the channels that make up the modern financial relationship.

Of course, if your CRM is older, you may not yet be ideally positioned to achieve these enterprise-wide efficiencies. In a recent Doxim study, some credit union leaders indicated to our team that they are not satisfied with their current CRM’s operational data flows between departments (13.2%) and reporting capabilities (10.5%). More recent CRM solutions are structured with pre-existing integrations and robust reporting capabilities to allow a more holistic sharing of data across your credit union or bank.

Implement a Unified Sales Process

  • Create a single repository of all customer and prospect accounts, products, opportunities. The first step to sales optimization is getting all the related data into a single, accessible location.
  • Easily track every opportunity, from pipeline to active leads to referrals to sale. Financial purchases often involve a customer journey with many touchpoints across many channels, as the customer self-educates and selects the right product. To encourage them towards a purchase, you need to keep track of where they are in this process, then assist appropriately.
  • Review reports to optimize lead cycle and conversion rates. The offer seemed enticing, so why aren’t they biting? Using CRM and business analytics you can review lead and conversion data to figure out what’s working, and what isn’t.

Meet Compliance and Regulatory Requirements

  • Automatically log all activity on an engagement using your CRM, then you’ll be able to review the data at a moment’s notice should the need arise.
  • Make sure your organization is respecting solicitation restrictions per channel, including email marketing opt out. The costs of not doing so can be substantial!
  • Generate and store signed service agreements whether live (e-Signature) or on PDF. When you use CRM with an integrated ECM, paperwork never goes missing, and you don’t have to deal with the cost and hassle of physical storage of sensitive documents either.

Operational leaders, it is time to become CRM advocates?

In the past, CRM solutions which were only relevant to sales and marketing departments represented a burden, rather than an opportunity, for departments concerned with operational matters. But today more wide-reaching CRM solutions offer advantages enterprise-wide, across departments, including yours.

Implementing CRM can help operational and IT personnel facilitate complete access to information for your customer-facing peers, streamline customer interaction workflows from end to end, and reduce costly customer-facing errors and inconsistencies. The end result is the improvements to both customer engagement and staff productivity that our surveyed operational leaders have indicated they want most.


CRM Report